If one of your New Year’s Resolutions happened to be to save some money then you may have checked out some resources to help you with this like the Acorns App. Saving even a little bit can make a big difference over time.
Overview
Perhaps you have been convinced that the old saying “look after your pennies and the dollars will look after themselves” is true. This is sort of what you can say about the Acorns App. It is a way of you being able to invest very small sums of money that you won’t even miss.
The Claim
According to the promoter of Acorns App all you have to do is link up your spending habits with them. This means your bank account and credit cards. Then every time you make a purchase the Acorns App will round up the amount and then take that excess from the round up and invest it for you. So for example if you bought an item that cost $17.50, then the Acorns App would round this up to $18.00. So the extra fifty cents would go into your investment.
The Hype
They hype really focuses on using such small amounts of money that you really don’t miss it and you are doing some type of investment even with such a little amount.
The Cost
Your cost is going to be the fee that you are going to have to pay for the use of the Acorns App. For those who are using the Acorns App and they have less than $5,000. In their investment portfolio they pay $1. Per month. For accounts over $5,000. The charge is .25%.
The Commitment
You are going to have to be prepared to give up your spare change if you are going to use the Acorns App. You also have the option of being able to add more money to your account so you can make bigger investments.
Evaluation
Being able to save money is a good thing no matter which route you are going about to do it. However, keep in mind that here you are investing your money so there is always some risk when it comes to investing. You are going to have to rely on the Acorns App to make wise investments even though you are investing only a little. Also keep in mind that with such small change investments you are not going to make huge money from your investment, but over a long period of time it will add up.
Final Acorns App Review
We are going to give the Acorns App a try buy rating. For those who simply are not able to save any money at all this method may be a good start. Also if you are content with super small investments like this then the Acorns App platform seems to be a trustworthy platform, and one that will try and make the best investments for you.
Our Recommendation
If you are into making some financial changes this year regarding your personal finances then you may also want to take a look at the Nerd Wallet.
I am using Acorns App, it works perfect.